Rate lock(redirected from Lock-In Principal)
An agreement between the mortgage banker and the loan applicant guaranteeing a specified interest rate for a designated period, usually 60 days.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
An agreement between a mortgage bank and a potential borrower promising that that the bank will not change the proposed interest rate on a loan that has not been concluded for a certain period of time. The rate lock usually lasts for 60 days.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved